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一文綜合大行於中電信(00728.HK)公布季績後最新目標價及觀點
中電信(00728.HK)今日股價造淡,最新報3.59元下滑3.2%。摩根大通表示,中電信季度服務收入溫和復甦,工業數字化收入按年增長按季加快1個百分點至16%,智慧家庭收入按年增長按季反彈2個百分點至4%。該行關注電訊設備銷售疲弱,第三季按年跌14%,扭轉首兩季按年增長26%及11%的情況,與中移動(00941.HK)面對同類處境。該行亦關注公司首三季資本開支落後進度,可能在第四季加快以追回。 中電信在上周五(20日)收市後公布今年首三季度業績,經營收入按年升6.4%至3,842.54億人民幣,純利按年升10.4%至271.01億元人民幣,高於本網綜合3間券商預測上限的270.37億元人民幣,每股收益30分。EBITDA增長5.2%至1,056.48億元人民幣,EBITDA率30.2%。單計第三季度,純利按年升11.1%至69.48億元人民幣,每股收益8分。 中電信首三季度移動用戶淨增用戶1,463萬戶,移動用戶總數約4.06億戶。其中5G套餐淨增3,965萬戶至約3.08億戶,滲透率75.8%,移動用戶ARPU為45.6元人民幣,按年微增0.2%。有線寬帶用戶1.89億戶,期內淨增836萬戶,智慧家庭收入保持快速增長,拉動寬帶綜合ARPU達47.8元人民幣。 【利潤穩健增長 拓展數字經濟】 野村表示,中電信核心業務維持健康增長趨勢,移動服務及固網與智慧家庭服務收入按年增長2.4%及3.9%,受益於持續用戶滲透及ARPU穩定至上升趨勢,新興的工業業務方面亦維持穩固增長趨勢,縱使宏觀經濟復甦緩慢影響企業的資訊科技開支。該行指,中電信作為國家雲平台,雲業務動力繼續增加,並料將在今年達成1,000億人民幣收入。縱使新興業務繼續拖累利潤率,但EBITDA率下降趨勢已經放緩。該行料中電信今年服務收入及盈利可分別達到高單位數及雙位數增長,維持對中電信「買入」評級及4.6元目標價。 中銀國際指,中電信第三季利按年增長加快,受益於雲業務及工業數字化,以及固網與智慧家庭收入增長。該行相信中電信集中於雲網結合策略,全面利用公司客戶基礎、網絡資源及科技發展,將帶來最理想財務業績。該行維持中電信「買入」評級及5.7元目標價,視該股為中資電訊股首選。 -------------------------------------------------- 本網最新綜合8間券商對其投資評級及目標價: 券商│投資評級│目標價 中金│跑贏行業│5.8元 中銀國際│買入│5.7元 瑞銀│買入│5.6元 富瑞│買入│5.24元->5.13元 華泰証券│買入│4.9元 摩根大通│增持│4.7元 野村│買入│4.6元 摩根士丹利│增持│4.8元->4.5元 券商│觀點 中金│經營開支有效控制,工業數字化服務收入增長穩固 中銀國際│步向成為領先雲領域參與者 瑞銀│季績符預期,在雙位數增長軌道 富瑞│季績增長加速,估值仍高度吸引 華泰証券│經營持續向好,著眼數字中國戰略全局 摩根大通│季績穩定,業務輕微復甦 野村│季績大致符預期,健康趨勢不變 摩根士丹利│季績符預期
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